Huntington Business Credit closed new $6.5 million credit facilities with Onodi Tool & Engineering Company.
Proceeds of the facilities were used to partially finance the acquisition of the company by Covington Capital and provide ongoing working capital growth financing. Covington Capital is a Troy, MI-based private equity firm.
Huntington Business Credit provides working capital and term loan facilities to middle market companies for acquisitions, LBOs, MBOs recapitalizations, rapid growth, seasonal working capital build-up and turnaround situations.
Onodi Tool & Engineering Company, located in Melvindale, MI, provides low to medium lots of simple to complex mechanical and hydraulic assemblies for armored military vehicle manufacturing.
